Last week I bought a few shares of a very small community bank called Sugar Creek Financial Corp. (OTC:SUGR). This position is part of a basket of micro-cap community banks with similar characteristics. I hope that some of these small banks will be acquired at some point. So the basket is mostly a bet on […]
HAL offers to buy out TABS Holland minority shareholders
Another day, another buy-out offer for a company in my portfolio. This one, especially, leaves a bad taste in the mouth. HAL Investments has offered to buy-out the remaining minority shareholders, together holding ~4.9% of NPEX listed TABS Holland, at €34,24 in cash per share. I originally wrote about TABS Holland in October 2017. Since […]
Take-private offer for Hupsteel Limited
On Friday an offer of S$1.20 in cash was made for Hupsteel Limited (BMH.SI), a steel distributor in Singapore. The offer is made by a consortium which consists of members of the Lim family, who are the controlling shareholders of Hupsteel. I’ve owned Hupsteel since September 2017. My average cost is about $0.83 per share. […]
Aplisens SA: a growing Polish micro-cap at 8.8x earnings
Investing in Poland has proven to be a bit challenging for me. The main problems are that almost all of the small companies only report in Polish and that protection for minority investors is weak. It is a common occurrence at Polish micro-caps for insiders, sometimes with the help of a couple of large outside […]
Takeover offer for Legend Corporation by Adamantem
There have been some developments at a couple of my Australian holdings recently. The most important is the takeover offer for Legend Corporation (ASX:LGD) that was announced last week. A link to the filing of the cash offer can be found here. I wrote a post about Legend two years ago for VIB premium (which […]